We've kept our GDP growth forecasts for Portugal unchanged at 1.7% for 2024 and 1.9% for 2025. Although growth disappointed at 0.2% q/q in Q2 2024, we think the outlook remains solid. Improving real disposable incomes and the EU's Recovery and Resilience Facility will support growth. The economy will also benefit from continued strong tourism activity, but as tourism growth normalises, we think domestic demand will be the main growth engine.